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Risk Management

author Ncontracts
1 min read
Nov 12, 2018

Risk management is necessary for any business, helping to protect it against risks that may occur as a result of accidents, disasters, emergencies and more. As compliance environments become more rigorous, there are various risk management solutions that may be employed to allow the organization to evaluate critical events thoroughly and determine whether their corrective measures will be effective. To determine which risk management solution is right for your company, here are a few factors that should be considered.

Uniformity: A connected risk management solution with useful features that make searches easy and include scheduled reporting capabilities can reduce wasted resources and provide access to risk assessment and mitigation documents when they are needed.

Management Oversight: The system should be able to oversee risk activities to protect the organization from exceeding predetermined risk tolerances.

Risk Tolerance Thresholds: A risk management solution must guarantee that risk tolerance thresholds are adhered to for all risk-oriented activities throughout the organization. Calculation functionality and methodology are also useful features.

Practical Functionalities: The risk management solution should be available to all departments giving all employees a convenient means to collaborate on risk management and mitigation tasks. Electronic workflows for document review, approval and execution are just a couple of the useful features that can come in handy.

Ease of Reporting: Additional functions you might look for in a risk management solution is its ability to assist in routing documents for approval so that they can be electronically authorized in accordance with strict regulatory standards. Identified risks are reported appropriately based on function, department, or user.

Convenience: One of the most important features a risk management solution offers can be its ability to provide a single collection point for all risk relevant activities to a given project process or supplier. This will allow companies to integrate risk assessments, documentation, and other risk management processes.

Automated systems make the process as convenient and organized as possible. 

Learn about risks and controls and risk management in banking.

 

Related: Creating Reliable Risk Assessments

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